What group is committed to lowering trade barriers between nations?

The way a society uses scarce resources to satisfy its people's unlimited wants is called an economic

a. system b. utility c. incentive d. grid

Answer the following statements true (T) or false (F)

1. In perfect competition, if the market price is at the same level as the minimum point of the firm’s average total cost curve, the best the firm can hope for is to break even. 2. If new firms enter a perfectly competitive industry, the market price of the finished product will rise. 3. An increase in market demand for a product can raise the MR for a firm in perfect competition. 4. Under perfect competition in the short run, profits among firms can differ if some firms use their resources more efficiently. 5. Since all producers have the same average revenue under conditions of perfect competition, they all have the same profits in the short run.